Skip to comments.Ex-Rezko partner bankrupt
Posted on 02/16/2009 10:09:35 AM PST by STARWISE
Tony Rezko's former development partner is broke.
Dan Mahru -- a lawyer who became an ice peddler and real estate developer -- has filed for bankruptcy, declaring that he and his business partners, including Rezko, owe as much as $95 million to creditors.
Mahru estimates his personal debts could be as high as $50 million.
Mahru and Rezko split a few years ago. But they're still fighting dozens of lawsuits filed over housing developments they built.
"I couldn't handle all the multitude of lawsuits involving Mr. Rezko,'' Mahru says.
Mahru lists $48,970.61 in assets in the bankruptcy case he filed shortly before Christmas.
His creditors are a "who's who" of Rezko's world, including:
A company owned by Nadhmi Auchi, the Iraq-born billionaire who took control of 62 acres in the South Loop that Rezko and Mahru hoped to develop.
Joseph Cacciatore, a lawyer and developer who says he's owed $5 million from the South Loop project.
John Thomas, a developer and FBI mole who helped authorities document the repeated visits former Gov. Rod Blagojevich and President Obama made to the offices where Rezko and Mahru ran their Rezmar Corp.
Fortunee Massuda, a podiatrist who invested millions in Rezmar projects.
Mahru has stopped paying the $1.5 million mortgage on his Glencoe home, which is now in foreclosure. He owes $5.4 million on mortgages for his company, Automatic Ice, which provides icemakers to restaurants and hotels. And he owes more than $480,000 in legal fees to eight law firms -- including $5,075.28 to the law firm of Ald. Edward M. Burke (14th).
Next up, Marc Rich shows up in my first article on the Red Mafia... you do know he was involved with the Red Mafia before President Clinton pardoned him, right?
This is the article where I make the surprising 'one person away' connection between Hillary Clinton and Randy "Duke" Cunningham, and it is tenuous, of course, but just how many folks donating to politicians will have BOTH in their list of who they contribute to?
I point to an article in Pravda, but leave out this little excerpt from it:
When this money returned to Moscow it had to be used and directed for the national good. The KGB and its allies, under Silayev and Kryuchkov, set up a system in which loyal and trusted members of the Komsomol system and friendly businessmen could form their own banks Russian banks.
Men like Khodorkovsky, Aven, Fridman and others were chosen and set up in the money business. They used the banks to channel the returning Mafia money into long-term businesses.
With few exceptions, those chosen for this were all Jews. When Western pioneers like Marc Rich, David Reuben, Gerry Lennard or Jerry Cligman agreed to work within this system by creating the tolling business," they were given a kick start of rubles to help pay for the initial costs of the tolling system, They, too, were mainly Jews, albeit foreign Jews.
Marc Rich working with the Red Mafia ... nice, no? Some of the connections in the network of individuals would be gone into via my article looking at connections between then Sen. Obama and other folks in his inner circle of friends.
Here, as I am citing an article that is not for direct quotation and I am honoring that, which was looking into political corruption and banking, will be my own words summarizing that article starting with following up Nadhmi Auchi's investment in the TotalFinaElf scandal:
Now we switch to someone I haven't taken much of a look at so far, and hope that others carry this ball as there is a lot of ball to carry, here. This is, of course, Governor Rod Blagojevich's scandal of trying to sell Obama's Senate Seat, which looks like influence peddling, corruption and Pay-For-Plutocrats.
For this I will go to my article on Sen. Obama, It isn't what you know but who you know, and John Batchelor on 03 MAR 2008 looking at the deal between Rezko, Auchi and Aiman Alsammarae , who would wind up being convicted in Iraq of various forms of embezzlement on a power plant deal that Auchi was funding, and then Alsammarae was busted out of Iraqi prison and fled back to Chicago.
This would cover the time in Sen. Obama's career when he 'flipped' from being anti-Iraq War to for it, before flipping back again when Alsammarae fled the scene:
In addition, in April 2005, one month before Mr. Alsammarae left his post, his Ministry of Electricity signed a contract for $50 million with Companion Security to provide training to Iraqis to guard electrical plants by flying them to Illinois for classes.
Companion Security was headed by a former Chicago policeman with a troubled history, Daniel T. Frawley, in partnership with Mr. Rezko and in association with Daniel Mahru, the lawyer for the original contract and Mr. Rezko's former business partner.
In April 2006, Mr. Frawley entered negotiations with Governor Rod Blagojevich's staff to lease a military facility in Illinois to be a training camp.
In August 2006, Mr. Frawley started negotiations with Mr. Obama's U.S. Senate staff to complete the contract.
The discussions with Mr. Obama's staff continued over many months, including e-mails and conferences with an Obama staffer, Seamus Ahern.
Questions raised by this contact go to the issue of whether or not Mr. Obama ever favored Mr. Rezko's commercial ties. Mr. Obama has said often that he performed no favors for Mr. Rezko.
The timeline of Companion discussions in 2006 is important to note:
April 2006 Frawley speaks to governor's office;
August 2006 Frawley speaks to senator's office;
October 2006 indictment of Rezko revealed;
October 2006 Rezko arrested upon return from Syria;
October 2006 Alsammarae convicted in Baghdad and makes his first escape attempt;
December 2006 Alsammarae escapes form Baghdad.
Did Mr. Obama's staff and Governor Blagojevich's staff not know how these events related to their discussions with Mr. Frawley?
Importantly both Governor Blagojevich's office and Mr. Obama's office later explained they did not know of the link between Mr. Frawley and Mr. Rezko.
Senate staffs are expected to perform due diligence on inquiries, such as is this matter about campaign contributions or unsavory activity.
What was the nature of Mr Obama's staff's inquiry into the Ilinois resident Mr. Frawley's ability to secure a contract with the CPA's Ministry of Electricity in Bagdad from April, 2005?
~~ Cross-eyed with all the connections ...... PING!
Don't know anything about Joe, but I love Chicken Cacciatore.
Mahru and Rezko also received big loans through Rezmer Corp. from Broadway Bank, which is owned by the family of Illinois State Treasurer Alexi Giannoulias (D).
Read more about it here:
For the Chicago Crimes thread.
IIRC THe Obama’s got the money for their first home through this bank....The bank is reported to get its start through money from the bookies that worked Chicago, including Blank-O
But of course he’s broke....with XXX millions salted away off-shore.
And the legal system (i.e. the politicos) will let him get away with it.